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| Dow Jones Palo Verde Electricity Price Index Futur |
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 | Non-Member Customer Initial |  |  |  | Member Customer Initial |  |  |  | Clearing Member and Customer Maintenance |  |  |  | Assessments Spot Month |  |  |  |
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 |  | Tier 1: $10,800 |  |  |  | Tier 1: $8,800 |  |  |  | Tier 1: $8,000 |  |  |  | N/A |  |  |
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 | Non-Member Customer Initial |  |  |  | Member Customer Initial |  |  |  | Clearing Member and Customer Maintenance |  |  |  | Assessments Spot Month |  |  |  |
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 |  | Tier 2: $10,800 |  |  |  | Tier 2: $8,800 |  |  |  | Tier 2: $8,000 |  |  |  | N/A |  |  |
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 | Non-Member Customer Initial |  |  |  | Member Customer Initial |  |  |  | Clearing Member and Customer Maintenance |  |  |  | Assessments Spot Month |  |  |  |
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 |  | Tier 3: $9,450 |  |  |  | Tier 3: $7,700 |  |  |  | Tier 3: $7,000 |  |  |  | N/A |  |  |
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 | Non-Member Customer Initial |  |  |  | Member Customer Initial |  |  |  | Clearing Member and Customer Maintenance |  |  |  |
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 |  | Tier 4: $5,400 |  |  |  | Tier 4: $4,400 |  |  |  | Tier 4: $4,000 |  |  |
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 | Inter-Commodity Straddle Margin |  |  |  | |  |  |  |
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 |  | Tier 1 - Any Spread |  |  |  | Straddle Tier 1: $500 |  |  |
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 | Inter-Commodity Straddle Margin |  |  |  | |  |  |  |
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 |  | Tier 1 - Any Spread |  |  |  | Straddle Tier 2: $100 |  |  |
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 | Inter-Commodity Straddle Margin |  |  |  | |  |  |  |
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 |  | Tier 1 - Any Spread |  |  |  | Straddle Tier 3: $100 |  |  |
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 | Inter-Commodity Straddle Margin |  |  |  | |  |  |  |
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 |  | Tier 1 - Any Spread |  |  |  | Straddle Tier 4: $100 |  |  |
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NOTES:
| Outright (Scan) and Intra-Commodity Margin Tiers |
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Tier 1: 1st nearby month (spot month) |
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Tier 2: 2nd through 6th nearby |
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Tier 3: 7th through 11th nearby |
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Tier 4: Greater than 11th nearby |
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